On-Chain Concepts
Also: bitcoin halving, block reward halving
Halving
A programmatic reduction of Bitcoin's block reward by 50%, occurring approximately every four years.
Bitcoin's halving cuts the block subsidy paid to miners in half every 210,000 blocks (roughly every four years), reducing the rate of new BTC issuance. The halvings in 2012, 2016, 2020, and 2024 have each preceded significant bull markets, establishing a widely-followed four-year market cycle thesis. The mechanism enforces Bitcoin's 21 million hard supply cap and progressively shifts miner revenue toward transaction fees.
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